E-commerce is a type of business where sales are mainly or completely based online. Deliveries may be handled by a fulfilment center, a company-owned warehouse, or they could even be shipped from some enterprising person’s garage at home.
Of course, there’s a lot more to this incredibly exciting and growing area of business So, let’s take a closer look at five fascinating facts about the world of e-commerce:
1. Everyone Is in on It
It’s common for people to assume that only the richest countries are able to be home to successful e-commerce enterprises. In reality, across the globe, there are small to gargantuan businesses reaping the rewards of e-commerce.
At the moment, the Philippines is seeing the biggest online sales growth at over 25%, followed closely by India, Indonesia, Brazil, and Vietnam. It’s anybody’s game if they have the creativity and determination to make it work for their business model.
2. Video Marketing Beats Social Media
Businesses that are lagging behind the latest e-commerce marketing trends may still be flogging the old social media horse for all its worth. By contrast, e-commerce companies that are ahead of the curve know that it is, in fact, video marketing that is seeing the best returns. Indeed, when used correctly, 87% of video marketers found that it gave them a positive ROI (nearly three times as many as in 2015).
3. Reviews Still Matter
Online shoppers in America expect 112 reviews or more of a product to feel they can adequately research it, and many won’t buy a product if there aren’t any reviews to be found.
Just because products are sold online doesn’t mean customers will be comfortable buying them. In fact, online shopping presents some significant barriers for sellers to overcome. Buyers can’t feel or see the quality for themselves in person, so reviews and other product insights are more important than ever before.
4. Business Websites Still Matter
Although plenty of purchases are made through marketplace sites and social media channels, core business websites still matter. Most people will visit several websites or return to check a website again before making a purchase.
The industry with the highest number of visits before a sale is the energy sector, but in reality, we all shop around and contemplate our purchase before pressing the buy button – it’s a normal part of shopping online now.
E-commerce companies relying on basic sales funnels via social media have to invest in better websites or suffer the loss of a vast pool of potential customers. For this reason, it’s crucial to work with a top creative design agency rather than relying on a basic drag-and-drop website builder.
5. Accessibility Brings Great Global Returns
Many e-commerce businesses continue to make the mistake of offering websites and social media channels in single-language, non-disability accessible formats. This leads to a huge amount of missed sales.
Over 50% of consumers feel that the ability to gain information in their own language is an important factor when it comes to purchasing a product. Businesses cannot simply rely on basic translation services that aren’t able to fully capture linguistic nuances.
Professionally translated and localized websites and social media channels are the most effective way to tap into a global marketplace. Website accessibility for those with disabilities is also important.
E-commerce can be flexible, profitable, and incredibly useful when you put the work in to ensure your business is going to be relevant for years to come. Savvy business owners need to remain abreast of the trends, opportunities, and shifting consumer habits to truly make the most of this popular business model.
